Editor: OKG Research
In the blink of an eye, 2024 has entered the final stretch, and the Web3 industry has experienced an eventful year. This year is also set to be an important one for AI, and OKG Research has decided to team up with ChatGPT, the "most adept AI partner in summarization," to try to condense a year's worth of research content into its essence. We have invested in more than 40 research documents released by the research institute this year, and generated a special annual summary, reviewing 8 industry keywords of the past year:
Pic Source from ChatGPT
In 2024, the crypto industry experienced profound turning points and transformations in the policy environment, technological innovation, and market evolution.
This year, with the fourth Bitcoin halving and the price breaking through the $100,000 mark, the cryptocurrency market entered a new growth cycle, and investor confidence in blockchain technology was further strengthened. At the same time, the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin spot ETF, accelerating the integration of crypto assets with the traditional financial system, marking an important step towards the mainstream adoption of crypto assets.
The global macroeconomic environment also injected complex variables into the crypto industry. Trump's return to the White House has sparked widespread attention on the direction of U.S. crypto regulatory policy, and the market is anticipating a more relaxed regulatory environment to unleash the industry's potential.
In the technological field, the integration of Web3 and AI, the optimization of modular architecture, and the widespread adoption of Layer 2 network technologies have accelerated the large-scale deployment of blockchain applications, significantly improving user experience and privacy protection. The application scope of decentralized infrastructure has further expanded, and its integration with the traditional economy has become increasingly close.
Against the backdrop of market volatility and technological innovation, the crypto industry in 2024 has shown dynamic changes from multiple dimensions, laying a new pattern and direction for future development.
01 Deepening Applications of Tokenization
Tokenization, by digitizing real-world assets, has reconstructed the way assets are stored, transferred, and settled. It breaks down the complexity and barriers of traditional asset transactions, bringing the value of finance, real estate, art, and other fields into the blockchain system, making asset circulation more efficient and transparent.
This technology has a dual driving force in 2024: on the one hand, tokenization significantly expands the application boundaries of Web3, extending it from the digital native domain to the real economy, bringing profound impact to traditional industries; on the other hand, the recognition of tokenization compliance by multiple countries and regions (such as Hong Kong and Singapore) provides clear legal and policy support for financial institutions, driving more traditional capital into the Web3 domain.
Furthermore, with the development of technology invisibility, tokenized products have become more user-friendly, allowing ordinary users to complete complex asset operations through simple interfaces. Tokenization is not only a bridge between Web3 technology and the real economy, but also a key to driving large-scale user adoption and practical application.
02 The Technological Convergence of Web3 and AI
The convergence of Web3 and AI has become an important direction of technological innovation in 2024, the core of which is to use intelligent means to solve key challenges in the Web3 ecosystem, including the balance between decentralization, security, and scalability. The introduction of AI has significantly improved the user experience and technical efficiency of Web3.
At the technical level, AI Agents have optimized cross-chain interactions, solving the "island effect" of on-chain assets and data flows. Furthermore, AI has improved the security of on-chain transactions through real-time monitoring and data analysis, helping users avoid potential risks. In terms of user experience, AI has made complex blockchain interactions more intuitive. In the future, users will be able to complete cross-chain operations and even smart contract deployment through natural language, without the need to understand the underlying technology.
AI plays an important role in promoting the construction of a trusted digital society, and its data privacy protection capabilities, combined with the transparency of Web3, provide a new trust mechanism for decentralized applications. This convergence has brought more application scenarios to the Web3 ecosystem, and laid the foundation for the diversified development of the industry.
03 Bitcoin Spot ETF and the Financialization Process
The launch of the Bitcoin spot ETF is an important milestone in the crypto market in 2024, marking the transition of crypto assets from "technological innovation" to a new stage of "financialization." It allows individual and institutional investors to access Bitcoin through traditional financial instruments, significantly lowering the technical threshold and enhancing market transparency and liquidity.
ETFs have played an important role in promoting industry compliance. Their strict regulatory requirements (including asset custody, daily settlement, and market transparency) have set a standardized model for the industry, attracting more traditional capital into the Web3 ecosystem. Globally, the policy debate between the U.S. and Hong Kong on Bitcoin ETF regulation has attracted widespread attention, not only providing a reference for other countries, but also driving the acceptance of crypto assets by the global financial system.
The Bitcoin spot ETF is not only an important product in the capital market, but also a bridge for the integration of traditional finance and virtual assets, paving the way for the financialization of more crypto assets (such as Ethereum).
04 On-Chain Data as the New Business Center
On-chain data, due to its transparency, verifiability, and openness, is seen as an important asset in the Web3 ecosystem and a core driver of business model innovation. Its public nature provides a strong foundation of trust for users, developers, and regulators, reducing fraud risk and enhancing transaction transparency.
On-chain data provides technical support and business value for multiple Web3 domains, such as DeFi and GameFi. Data analysis tools, by gaining insights into user behavior and predicting market trends, provide important references for project parties and investors. For example, through the analysis of on-chain transactions, developers can more accurately identify user needs and optimize product design.
In the future, as the data asset-ization process deepens, the integration of cross-chain data and privacy protection will become a focus. As an open resource, on-chain data can not only reduce information asymmetry, but also promote fair competition, providing momentum for the continuous innovation of the Web3 industry.
05 Modularization and Infrastructure Improvements
Modular design and infrastructure improvements are key to driving the large-scale deployment of Web3 technology. Modular architecture, by decomposing blockchain functions (such as consensus, storage, and execution) into independent modules, provides developers with more flexibility and efficiency. Developers can focus on application-layer innovation without the need to repeatedly build underlying infrastructure.
In terms of scalability, Layer 2 network technologies such as ZK-Rollups and Optimistic Rollups have significantly improved transaction throughput and reduced costs by processing most transactions off-chain. These technologies provide a fundamental guarantee for high-frequency application scenarios such as DeFi and NFT transactions.
Furthermore, Zero-Knowledge (ZK) technology has shown outstanding performance in privacy protection and security enhancement. By verifying without disclosing specific data, ZK technology has broad application potential in sensitive data processing scenarios. Modularization and infrastructure improvements not only improve development efficiency, but also drive industry standardization, laying the foundation for future large-scale user growth.
06 The Revival of Web3 Gaming and the Concept of Web2.5
The revival of Web3 gaming in 2024 indicates that decentralized technology is reshaping the entertainment industry. The Web2.5 concept integrates the high-quality experience of traditional games with the economic incentive model of Web3, lowering the threshold for ordinary users to migrate from Web2 to Web3.
Web3 games, through NFT and tokenization mechanisms, have realized the confirmation and trading of in-game assets, creating real economic value for players. At the same time, the application of AI technology in dynamic NPC design and content generation has made the games more creative and interactive.
The commercial potential of this field is huge. Game developers have driven the evolution of games from a "play and earn" model to a "play games and earn money" model through refined operations and long-term community building. Web3 games are not only the core track for user growth, but also an important exploration direction for the commercialization of the Web3 ecosystem.
07 Balance and Innovation in Market Regulation
Market regulation is the guarantee for the healthy development of the Web3 industry, and it is also the balance point between technological innovation and user protection. A clear regulatory framework has reduced the barriers for traditional financial markets to participate in Web3, attracting more institutional capital to enter.
Policy differences between regions have brought competition and innovation opportunities. For example, the United States promotes industry transparency through strict regulation, while Hong Kong adopts more flexible policies to attract global crypto companies. The synergistic development of technology and regulation, such as on-chain privacy protection and the compliance of cross-chain transactions, is an important direction for the future.
The trend of globalized regulation is taking shape, and cross-border collaboration will further promote the standardization and stability of the Web3 industry. Regulatory innovation is the foundation of market development, and it also provides the industry with space to explore new business models.
08 Expansion of Decentralized Infrastructure Applications
Decentralized infrastructure is transforming the operating models of traditional industries through optimized resource allocation and transparency. In fields like logistics and energy, decentralized technologies reduce intermediary links and improve operational efficiency through smart contracts and peer-to-peer transactions.
Users in decentralized networks are both service consumers and resource contributors. By directly participating in governance and resource allocation, user stickiness and satisfaction are enhanced. This model not only lowers the entry threshold of infrastructure, but also provides technical support for building a trusted society.
As cross-chain communication protocols are improved and technical standards are advanced, the application scope of decentralized infrastructure will further expand, creating more possibilities for multi-domain social innovation.
2025 Riding the Wind
In 2025, the Web3 industry will enter a stage of accelerated integration of scale, intelligence, and standardization.
The deep integration of AI and Web3 will optimize user experience and technical efficiency, with modular architecture, zero-knowledge proofs, and cross-chain technology becoming widely adopted to provide efficient support for multi-chain ecosystems.
Tokenized applications will expand to more traditional assets, and the commercialization of on-chain data will accelerate the global digital economic transformation. Meanwhile, Web3 games and the content economy will experience a boom, with significant user growth in emerging markets.
The policy environment will show diversified development, with the crypto policy of the Trump administration potentially triggering global regulatory competition, while Asia and the EU will adopt a strategy of relaxation and regulation in parallel to attract industry innovation.
Capital flows will concentrate on leading projects, with industry consolidation and entrepreneurship coexisting. User experience will be significantly improved through user-friendly design and smart interaction, and decentralized social services will also begin to emerge.
In 2025, Web3 will move from technological exploration to deep integration with the actual economy and social structure.
